New Hampshire Bill Aims at Permitting the Use of Bitcoin for State Payments in 2020

A document published on January 3 states that the lawmakers in the State of New Hampshire U.S are considering to bring a bill in order to legalise payment of fees and taxes in BTC (Bitcoin). At present, NH HB470 is in the process making rounds through offices of the local government. Reports suggest that the bill will be examined by a subcommittee on January 29 and will be expected to give their decision by March 14.

The bill is sponsored by Republicans Dennis Acton and Michael Yakubovich, and it is the most recent attempt to accept Bitcoin for state payments in New Hampshire. The idea was initially brought to notice in 2015. According to the bill proposed, ‘This bill requires the State Treasurer to develop an implementation plan for the state to accept cryptocurrencies as payment for taxes and fees beginning July 1, 2020.’

The bill further reads that ‘The plan shall address any accounting, valuation and management issues and also identify an appropriate third party payment processor that will process cryptocurrency transactions at no cost to the state. The State Treasurer is required to submit the plan to the Governor, House and Senate by November 1, 2019.’

The freshly made efforts made by the state has come at a time when local governments all over the United States are looking to produce their own path in the industry. As reported earlier, at present, Wyoming is leading the jurisdiction with a more clear and forward-looking stance on the issue. Earlier this month, Wyoming introduced a bill in order to classify cryptocurrency as money legally.

However, at a national level, businesses and commentators are still complaining regarding the Securities and Exchange Commission (SEC) spelling out unsuitable regulations which have made the situation patchy.

Moeen Khan is a Content Writer and Social Media Writer who actively writes about Blockchain Technology and Cryptocurrencies at Coinpublish.
Moeen has previously worked with two start-up companies in New Delhi that were in the financial sector. He has interned with organizations like NDTV Goodtimes and Magicbricks (TOI Group). This experience has given him a broad knowledge base upon which he is working to build further through learning and practice.

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